The leading Peruvian retailer

CORPORATE
PRESENTATION
May 2019
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 2018 HIGHLIGHTS

4 Q1’19 FINANCIAL RESULTS

5 CAPEX GUIDANCE 2019-2021

6 APPENDIX
InRetail Overview

 Peruvian multi-format retailer, with presence in the

Andean region through the Pharma business

 Leading positions in Peru in its 3 segments

 #1 food retail chain
 #1 pharmacy chain and distributor in Peru, with
presence in the Andean region
 #1 shopping center operator

 Controlled by Intercorp, one of Peru’s largest

business groups

3
 InRetail is part of one of Peru’s leading business groups

Education
Float1/ 28.8%

2/

BVL: INRETC1

2018 metrics:
a

 More than USD 5.6 billion in sales

 2 listed companies with a combined market capitalization of ~ USD 8.9 billion
 More than 60,000 employees

1/ Includes 6.3% of Nexus

2/ On January 26, 2018, InRetail announced the acquisition of Quicorp for an equity value of US$583 million. Nexus holds a ~12.98% participation in InRetail Pharma 4
 LTM Q1’19 Financial and Operational Snapshot
Million Soles (S/ mm)

Food Shopping
Pharma
Retail Malls
1/
LTM Q1’19 figures
(S/ mm; %) + + =
Revenues 5,350 7,029 509 12,782
% Revenues Contribution 42% 55% 4%

Adj. EBITDA (Pre-IFRS 16) 2/ 356 620 311 1,279

% EBITDA Contribution 28% 48% 24%

Adj. EBITDA Margin

6.7% 8.8% 79.1% 10.0%
(Pre-IFRS 16) 3/

_
Market Position 1st 1st 1st

# of Stores 457 2,062 21 _

# of Employees 16,061 21,095 435 37,591

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments. 2/ Adj. EBITDA excludes mark to market gains from valuation of investment properties in
the Food Retail and Shopping Malls segment and IFRS 16 effect. 3/ InRetail Shopping Malls’ Adjusted EBITDA margin is represented here as our Net Rental Margin, calculated as Adj. EBITDA/Net 5
Rental Income
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 2018 HIGHLIGHTS

4 Q1’19 FINANCIAL RESULTS

5 CAPEX GUIDANCE 2019-2021

6 APPENDIX
Investment Thesis
The leading multi-format retailer in a growing and underpenetrated Peruvian market

1
Proven track record  Consistent organic growth and successful integration of acquisitions
for delivering  Seasoned management team with broad industry experience
sustainable and
profitable growth  Access to capital markets backed by a successful track record

2
 Peru is a fast growing economy with an expanding middle class

Significant upside  High growth potential due to low penetration of modern retail in our three business
potential segments

 Peru’s modern retail is still in its early stages of development

3
 Geographically diversified footprint with prime locations in each of the 24 departments
in Peru
Market leadership
with clear strategy  Highly recognized brands with a clear value proposition in our different formats

 Consistent sales area expansion while maintaining healthy SSS growth rates

7
 Proven track record of profitable growth
Million Soles (S/ mm)

12,782

SPSA TURNAROUND PERIOD

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM
Q1’19

Opening of Mass format

Acquisition of SPSA launches Plaza Vea Agreement Acquisition of InRetail’s IPO Strategic RP expansion Plaza Vea Quicorp
SPSA from Vivanda and expansion to open InkaFarma (US$ 460M) Alliance: Salaverry (+40 stores) becomes #1 acquisition
Royal Ahold Plaza Vea outside Inkafarma Plaza Vea in Peru
Super formats Lima stores in &
Plaza Vea Tarjeta Oh!

Opening Opening Mass

First mall First mall First power center International Bond SPSA store IKF store expansion
opening in Lima outside Lima is launched Issuancce of #100 #1000
International Bond
(2001) (Chiclayo) (Pro) Interproperties issuance of InRetail
Pharma and
Shopping Malls
International Bond Launch of
Issuance of E-commerce
InRetail Consumer platform

Source: Company
8
Investment Thesis
The leading multi-format retailer in a growing and underpenetrated Peruvian market

1
Proven track record  Consistent organic growth and successful integration of acquisitions
for delivering  Seasoned management team with broad industry experience
sustainable and
profitable growth  Access to capital markets backed by a successful track record

2
 Peru is a fast growing economy with an expanding middle class

Significant upside  High growth potential due to low penetration of modern retail in our three business
potential segments

 Peru’s modern retail is still in its early stages of development

3
 Geographically diversified footprint with prime locations in each of the 24 departments
in Peru
Market leadership
with clear strategy  Highly recognized brands with a clear value proposition in our different formats

 Consistent sales area expansion while maintaining healthy SSS growth rates

9
 Fastest growing economy boosts emerging middle class

Real GDP Growth Population by Socio-Economic Category

CAGR 2012 - 2018 CAGR 2018 - 2021

1.8% 1.1%

Annual
SEC 2007 2017
Income
3.7% 3.9%
2.8% % of total population
1.9%

A $ 49,614
Perú Latin America 1/ Perú Latin America 1/
8% 15%
Source: IMF – World Economic Outlook $ 25,433
B +14%

GDP per Capita

(2018, US$ 000) C $ 14,987 18% 26%

16.0
D $ 7,578 29% 24%
11.6 Average:
9.8 8.9 US$10.0 -14%
7.0 6.7
E $ 4,951 45% 36%

Source: APOYO Consultoría 2017

Chile Argentina Brazil Mexico Peru Colombia

Source: IMF – World Economic Outlook Estimates

1/ Average Real GDP growth of Colombia, Brazil, Chile, Mexico

10
Significant upside potential for modern retail

Food Retail Pharmacies Shopping Malls

Penetration as a % of Total Sales - 2017 Sales of Retail Pharma per capita US$ - 2017 Malls per million people - 2018

Sales area per capita:

Peru 0.25 sqm vs Mexico
0.42 sqm
70% 220 5.2
Mean ex-Peru:
59.2% Mean ex-Peru: 4.6
59%
56% 4.3 4.3
52%
Mean ex-Peru:
121.3 ~1.6x
~2.4x
118 2.9
2.7
~2.2x
25% 78
70
54

Peru Brazil Ecuador Chile Mexico Peru Colombia Mexico Brazil Chile Peru Brazil Ecuador Colombia Chile
Source: Euromonitor, 2018 Source: Business Monitor, 2018 Source: Accep 2018

11
 Retail market in Peru in early stage of development

Global Retail Development Index Opportunities Peru top-ranked LatAm country in the GRDI

Opening Peaking Maturing Closing 2017 Ranking

Mexico (2009) 1. India 10. Colombia

Brazil (2013) 6. Indonesia 19. Paraguay
Peru (2015) 9. Peru 29. Brazil
Brazil (2005) Mexico (2016)
Chile (1998) Mexico (2003)
Chile (2016)
Peru (2002)

Peru:
Growing Consumers Consumer Consumers
middle class seek organized spending has used to modern
formats and expanded retail  Increase consumer spending, growing middle class and
Consumers
global brands strong consumer confidence
willing to Sophisticated Higher
explore Real estate local discretionary
organized affordable and competition spending  Free-trade agreements with strategic markets will keep
formats available investment and trade flows strong
Real estate High
difficult to competition
secure  Hot spot for international retailers to invest in the
Real Estate apparel and specialty sector
expensive and
not readily
available

Source: ATKearney – The 2017 Global Retail Development Index TM

12
Investment Thesis
The leading multi-format retailer in a growing and underpenetrated Peruvian market

1
Proven track record  Consistent organic growth and successful integration of acquisitions
for delivering  Seasoned management team with broad industry experience
sustainable and
profitable growth  Access to capital markets backed by a successful track record

2
 Peru is a fast growing economy with an expanding middle class

Significant upside  High growth potential due to low penetration of modern retail in our three business
potential segments

 Peru’s modern retail is still in its early stages of development

3
 Geographically diversified footprint with prime locations in each of the 24 departments
in Peru
Market leadership
with clear strategy  Highly recognized brands with a clear value proposition in our different formats

 Consistent sales area expansion while maintaining healthy SSS growth rates

13
 Largest nationwide footprint of premier retail locations

Food Retail Pharmacies Shopping Malls

106 Spmkts
5 Economax 2,062 Stores 2/ 21 Malls
326 Mass
20 Mimarket
(16)
(58)
(96) (11)
(6) Piura (2)
(2)
(84)
(64) Chiclayo
(1) Cajamarca
(2) (1) (42)
(130)
Trujillo
(5)
(63)
(34) Chimbote
(3) (1) (12) (29) Huánuco
(1) Ucayali
(76)
(73) (933)
(326) (2) (59) (8) Lima (9) Huancayo
(1) (5) Cusco
(20) (1)
(1) (88) (9)
(3) (24) (30)
(1) (2) (124) Juliaca
(2) (14 Arequipa
(2) (30)
(1) Only modern shopping
mall in the city

 First mover in 16 out of the 23 cities outside of  Present in all of Peru’s 24 departments  First mover in 6 out of the 12 cities
Lima  100% of stores are rented  Total GLA (sqm): 676,073
 Total sales area (sqm): 371,908  46% in Lima / 54% in Provinces
 51% of stores are owned 1/

1/ Owned by Supermercados Peruanos or through a related party, calculated as % of sqm

2/ Excludes Bolivia pharmacy stores in map
14
 Quarterly Openings and SSS by Segment

Openings Same Store Sales (SSS)

Food Retail Food Retail
Sales Area (‘000 sqm) 2018: 7.9%

361 372 10.2%

329 324 335 9.1% 9.5%
32 43 47 53 7.8%
36 23
Mass 4.7%
Economax 297 287 288 296 296
Spmkts
Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19
No Spmkts 106 104 104 106 106
No Economax - - 1 4 5
No Mass 1/ 180 208 261 303 346

Pharmacies Pharmacies
No Stores
2018: 5.3%
2,186 2,087 2,068 2,063 2,062 7.4%
6.3%
1,051 1,006 986 980 983 4.5% 4.7% 4.8%
Mifarma
Inkafarma
1,135 1,081 1,082 1,083 1,079

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19

Shopping Malls Shopping Malls 2/ 2018: 5.7%

GLA (‘000 sqm)
671 671 671 676 676 6.9%
5.8% 5.3%
5.1% 5.0%

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19

No malls 21 21 21 21 21
1/ Includes 20 Mimarket convenience stores in Q1’19.
2/ Shopping Malls’ tenant’s SSS include anchor stores. 15
 Food Retail Segment

Formats
Sales area # of % of
Format
range (sqm) Stores Revenues 1/

 Every-Day-Low-Price strategy for Plaza Vea stores Compact

Hypermarket
2,000 – 5,000 69 75%
 New discount formats Mass and Mimarket to capture
untapped demand and accelerate penetration of
traditional trade

Supermarket
 New Cash & Carry format Economax to consolidate
500 – 2,000 29 11%
multiformat strategy

 Fastest growing chain with largest presence across

Peru High-end
Supermarket
900 – 1,200 8 5%
 Secured access to landbank and Real Estate
development team to sustain growth

 Launched e-commerce platforms for Plaza Vea and

Hard Discount 2/
Vivanda brands
150 - 200 346 7%
 Ranked #3 in Great Place to Work ranking and #12
among the most valuable brands in Peru (Brandz)
Cash & Carry
3,500 – 4,500 5 3%

1/ Considers Q1’19 Revenues.

2/ Includes Mimarket
16
 Pharma Segment: Pharmacies
 Leading pharmacy player in Peru with +2,000 stores
 Strong cash flow generation in a Capex light business model
 Solid track record in a resilient consumer non-discretionary industry

Every-Day-Low-Prices Discounts and promotions

 Focused on offering the  Targeted discounts to loyal

lowest prices to a wider customers. i.e. 10% discount on
audience Mondays and 10% discount for
people aged 50+
 Ranked #1 top of mind
pharmacy chain in Peru  Supported by the successful
‘Monedero del Ahorro’ loyalty
program with over 7 million
subscribers

Focused on assisted sales Mixed formats: Assisted sales and drugstores

Drugstore
30%

70%
Counter 1/

1/ Assisted sales model 17

 Pharma Segment: MDM 1/

Best-in-class distribution network Vertical integration with Pharmacy chains (% of sales)

Leading pharmaceutical Pharmacy chains

distributor in Peru with presence
32%
in the Andean region
Other channels
Vital link between manufacturers 68% of MDM sales are to
and healthcare providers alternative sales channels (2)

Robust network density reaching +26k

POS through all channels

Partner of choice for leading

Brand Development CIPA
pharma companies

1 Access to market intelligence

2 Manufacturing capabilities

3 Instant access to own +2,000 pharmacies

4 Best-in-class distribution to other channels

1/ Manufacturing, Distribution & Marketing

2/ Q1’19 : Includes government, independent pharmacies, private hospitals, wholesalers and others 18
 Shopping Malls Segment

Shopping Malls Sales

Sales (S/ millions) 2017

5,830

 Nationwide premium portfolio of 21 locations, with 676k sqm 4,392

of GLA
3,153
2,456
 Preferred partner for local and international tenants: 2,190

 High tenant renewal rates and low concentration of 1,178 1,041

renewal per year
 High occupancy levels 1/

 Secured access to landbank to sustain growth Source: ACCEP 2018

 Proven track record in developing and operating successful Occupancy Rates

shopping malls
97% 97% 97% 95% 96% 96% 96% 95%

 Ranked 4th in Great Place to Work ranking for companies from

251 to 1,000 employees and 4th among most valuable brands
in Peru (Brandz)

2015 2016 2017 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19

1/ On June 2018, Parque Arauco combined businesses with the Wiese Family, owner of Mega Plaza. Parque Arauco holds 70% ownership of the combined operations, which is not included
in this figure 19
Track record of developing and operating successful
shopping malls
Chiclayo Trujillo Centro Cívico

Opened in 2006 (GLA: 46,026 sqm) Opened in 2007 (GLA: 45,939 sqm) Opened in 2010 (GLA: 49,688 sqm)
Tenant sales CAGR 2014-2018: 6.4% Tenant sales CAGR 2014-2018: 10.6% Tenant sales CAGR 2014-2018: 7.9%

Piura Cusco Salaverry

Opened in 2013 (GLA: 52,646 sqm) Opened in 2013 (GLA: 39,186 sqm) Opened in 2014 (GLA: 72,525 sqm)
Tenant sales CAGR 2014-2018: 10.4% Tenant sales CAGR 2014-2018: 7.0% Tenant sales CAGR 2015-2018: 6.5%

20
Attractive Project Pipeline

Puruchuco San Isidro

Expected opening in October 2019 Expected opening in 2023

GLA: 120,328 sqm with potential for additional 60,000 sqm GLA: 43,480 retail sqm, office and hotel tower

San Juan de Lurigancho Higuereta

Expected opening in 2022 Expected opening in 2024

GLA: 43,890 sqm GLA: 45,360 sqm

21
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 2018 HIGHLIGHTS

4 Q1’19 FINANCIAL RESULTS

5 CAPEX GUIDANCE 2019-2021

6 APPENDIX
 Q4’18 Consolidated Financial Results
Million Soles (S/ mm)

Highlights Revenues

 Significant growth in Revenues and adjusted EBITDA due to the +56.8%

acquisition of Quicorp, a successful execution of synergies, and a
12,243
solid growth in the Food Retail segment

 Gross and adjusted EBITDA margins impacted by the incorporation 7,810

of the MDM unit within the Pharma segment, and one-time +57.9%
expenses related to the acquisition and integration process,
compensated by the execution of synergies 3,346
2,120

 Excluding S/174 mm of one-time financial expenses related to the

acquisition, net income would be S/399 mm in 2018 Q4’17 Q4’18 2017 2018

Gross
31.1% 29.3% 30.7% 29.2%
Margin

Adj. EBITDA Net Income

+43.4% +39.7%

1,183 399

825 286

+46.8% +27.3%

367 130
102 225
250

Q4’17 Q4’18 2017 2018 Q4’17 Q4’18 2017 2018

Margin 11.8% 11.0% 10.6% 9.7% Margin 4.8% 3.9% 3.7% 1.8%

Note: 2018 consolidated figures include eleven months of Quicorp’s operation and one-time expenses related to the acquisition.
23
 2018 Highlights – InRetail

1
• Smoothly integrated Inkafarma and Mifarma´s overhead and non-client facing
Successfully
operations, keeping the two strong and differentiated brands and value propositions Extraordinary EBITDA growth in
integrated Quicorp’s
• Faster than expected execution of synergies plan, focused on gross margin Pharma (+134%)
operations
improvement, and SG&A reduction

2
• Highest yearly SSS in our Food Retail segment since the IPO in 2012, keeping stable
margins despite the development of new formats
Strong performance Acceleration of SSS in Food Retail
• Solid performance per store in both Pharma chains (Inkafarma and Mifarma)
across segments (+7.9%) with stable margins
• Maintained growth and improved margins in the MDM unit
• High occupancy rates and traffic growth in Real Plaza malls

3
• Fast deleveraging at InRetail Peru, mainly due to the deleveraging in the Pharma
Fast deleveraging (from 4.3x to
Faster than expected segment
3.5x Net Debt/EBITDA on a
deleveraging • Slight deleveraging in the Food Retail and Shopping Malls segments since Q1’18, despite
the temporary peak in Capex investments in 2018 consolidated basis)

4
• ~35k of sqm of new sales area in the Food Retail segment strengthening our multi-
Continued developing format strategy Robust growth in sales area and
our physical platform • Finished the construction of our new distribution center, new production facility and GLA (+10% Food Retail, +10%
to speed-up growth fresh food warehouse to support our growth and further improve productivity Malls)
• Constructing our flagship mall Real Plaza Puruchuco, with ~125k sqm of GLA

5
• Consistent e-commerce growth in Food Retail as part of our omni-channel strategy, with
64 stores for click-and-collect of non-food, and a 1-hour delivery express service Material growth in e-commerce
Strengthened our
• Inaugurated a dedicated Pharma delivery center for the app, e-commerce and call center sales1 (3.0x in Food Retail, 8.0x in
digital platform
sales Pharma)
• Piloting a click-and-collect space in partnership with tenants at our Real Plaza malls

1/ Considers MoM Dec’18 sales

24
2018 Highlights – Food Retail

 Strong performance in all categories and all formats

Strong revenue growth  Continued growth in e-commerce sales
 Successful Back to School, World Cup, and Christmas campaigns

Consolidated multi-
 +3 new Plaza Vea Stores (+10.9k sqm of sales area), which includes the New – Plaza Vea Sucre (May18)
format strategy,
opening of the first supermarkets in the cities of Ilo and Tarapoto
incorporating new Cash
 Launched the Economax Cash&Carry format and opened 4 stores
& Carry format
 +124 new Mass stores (net of closings), totaling 285 stores
(Economax)

Inauguration of new
 Moved into our new DC in early 2018, with higher automatization and
distribution center, and
productivity levels
new production facility
 Finalized the construction of our new production facility for our ready-to-eat
and fresh food New – Plaza Vea Tarapoto (Dec18)
food and bakery, along with our new fresh food warehouse
warehouse

 Ranked #3 in Great Place to Work Peru for >1,000 employees

Great Place to Work
 Ranked #2 in Great Place to Work Latam

New – Plaza Vea Ilo (Dec18)

Remodeling of Plaza Vea Dasso

New - Economax format New - Distribution Center New - Production Facility &
FreshFood Warehouse New and remodeled stores 2018

25
2018 Highlights – Pharma
 Completed acquisition of Quicorp, consolidating 2 strong and differentiated
brands: Inkafarma and Mifarma and diversifying into a new MDM platform
Acquired Quicorp,
 Successfully refinanced $1bn bridge loan facility, issuing 4 international
successfully refinancing
bonds in a period of 3 months
$1bn bridge loan facility
 Awarded Domestic M&A Deal of the year from LatinFinance, and Leveraged
Finance Deal of the Year from Bonds & Loans Latin America

Executed significant  Successful execution of synergies with significant EBITDA margin expansion
synergies post  Faster than expected deleveraging
+1,000 Mifarma stores included in our
acquisition of Quicorp  Smooth integration of more than 12k employees into InRetail Pharma
network

Resumed store openings  39 pharmacies opened post acquisition of Quicorp, totaling 2,063 pharmacies
to continue providing by year end (931 in Lima, 1,110 in provinces and 22 in Bolivia)
healthcare access at low  Opened 3 Inkafarma Express stores, a pilot of a smaller format to attend rural
prices neighborhoods with limited access to healthcare

 +400% growth in number of monthly transactions

Launched new delivery
 Improved delivery service and time with dedicated delivery center for app, e- Quicorp Warehouse
app in iOS and android
commerce and call center

Quicorp Brands

New – Delivery App New - Delivery Center New - Inkafarma Express Quicorp Transaction

26
 Pharma Segment – Synergies Update
Degree of Estimated
progress1/ time frame2/
1

Cost • Improvement in third party billing margin from cost

standardization standardization and line review

2
Private label • Portfolio optimization and brand sharing
portfolio • Increase penetration of private label products in both 1-3 years
optimization chains

POS network • Closing of ~160 stores in 2018

optimization • Revenue optimization per store

Operational • Reduction in marketing and overhead expenses

expenses • Reduction in non-commercial purchases

5
• Supply chain systems standardization and joint logistics
Integration • Transfer of Inkafarma’s sourcing to in-house distribution
across 1-3 years
• Quimica Suiza´s own brands sold in Inkafarma’s POS
segments
• Transfer maquila to own manufacturing

1/ Full circle denotes synergies are fully secured and started being reflected progressively in our results since Q2’18.
2/ Estimated time frame since Q2’18. 27
2018 Highlights – Shopping Malls

+43k sqm of additional  Acquisition of Real Plaza Pucallpa and Estación Central in Jan’18
GLA through acquisition  Remodeling of services area and new tenants in Real Plaza Primavera
and remodelings  Remodeling of food court and new tenant offer in Real Plaza Huancayo

 2 new H&M stores in Huancayo and Primavera malls

Improved tenant mix
 Incorporation of new tenants across malls such as Miniso (Low-price store)
across our Malls
and Taco Bell (Fast-food restaurant)

 Construction of Real Plaza Puruchuco on schedule, with expected opening in

Started construction of Q4’19
Real Plaza Puruchuco  More than 70% of GLA secured by end of 2018, with expected occupancy of
80% at opening

 Ranked #4 in Great Place to Work Peru, between 251 and 1,000 employees
Great Place to Work
 Ranked #5 in Great Place to Work Latam

Huancayo Remodeling H&M Primavera New Tenants Puruchuco Construction as of Feb’19

28
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 2018 HIGHLIGHTS

4 Q1’19 FINANCIAL RESULTS

5 CAPEX GUIDANCE 2019-2021

6 APPENDIX
 Q1’19 Consolidated Financial Results
Million Soles (S/ mm)

Highlights Revenues

 Strong double digit growth in Revenues and Adjusted EBITDA,

and a significant growth in Net Income, with only two months 12,243 12,782
of Quicorp incorporated in Q1’18
7,810
+19.9%
 Solid performance of our Food Retail and Pharma segments
2,711 3,249

 Gross, Adjusted EBITDA and Net Income margin Q1’18 Q1’19 2017 2018 LTM Q1’19
improvements Gross
28.8% 29.3% 30.7% 29.2% 29.3%
Margin

Adj. EBITDA (Pre-IFRS 16) 1/ Net Income (Pre-IFRS 16) 1/

1,279
1,183 357

286
825
225
+42.5%

321 111
226

Q1’18 Q1’19 2017 2018 LTM Q1’19

-21
Q1’18 Q1’19 2017 2018 LTM Q1’19

Margin 8.3% 9.9% 10.6% 9.7% 10.0% Margin -0.8% 3.4% 3.7% 1.8% 2.8%

Note: 2018 consolidated figures include eleven months of Quicorp’s operation and one-time expenses related to the acquisition.
1/ Adj. EBITDA excludes mark to market gains from valuation of investment properties of Food Retail and Shopping Malls segments and IFRS 16 effect. Net Income excludes IFRS 16 effect. 30
Food Retail
Million Soles (S/ mm)

S/ mm Q1'19 Q1'18 Var %

Revenues 1,440 1,234 16.6%
Gross Profit 363 312 16.3%
Adj. EBITDA 1/ (Pre-IFRS 16) 88 76 15.2%
Gross Mg 25.2% 25.3% -7 bps
Adj. EBITDA Mg 1/ (Pre-IFRS 16) 6.1% 6.2% -7 bps

Solid SSS growth of 9.5% in Q1’19

Opened 1 Economax (+4.7k sqm) and 41 net Mass stores (+5.9k sqm) in Q1’19

Gross margin of 25.2% in Q1’19, despite higher penetration of new formats and
a lower participation of textile and household categories with higher margins

Adjusted EBITDA margin of 6.1% in Q1’19, mainly explained by a slight gross

margin reduction and pre-opening expenses from new stores in process of
maturation

% Revenues per format

(Q1’19)
86%

5%
2/
7%

3%

1/ Adjusted EBITDA excludes mark to market gains from valuation of investment properties and excludes IFRS 16 effect.
2/ Includes Mimarket sales.
31
Pharma
Million Soles (S/ mm)

Q1'19
S/ mm Q1'18 Var %
Pharmacies MDM 1/ Adj. 2/ Total
Revenues 1,238 621 -154 1,705 1,379 23.6%
Gross Profit 432 88 -2 518 404 28.1%
Adj. EBITDA 3/ (Pre-IFRS 16) 141 16 2 159 78 103.5%
Gross Mg 34.9% 14.2% - 30.4% 29.3% 106 bps
3/
Adj. EBITDA Mg (Pre-IFRS 16) 11.4% 2.5% - 9.3% 5.7% 366 bps

Revenues, Gross Profit and Adjusted EBITDA positively impacted by the acquisition of
Quicorp, with only 2 months of Quicorp incorporated in Q1’18

Gross margin increased 106 bps versus Q1’18

Adjusted EBITDA margin significantly increased 366 bps versus Q1’18, positively
impacted by the execution of synergies in Pharmacies

Pharmacies:
• SSS growth of 6.3% in Q1’19
• Gross margin of 34.9%, 330 bps above Q1’18 due to execution of synergies, with an
Adjusted EBITDA margin of 11.4%

MDM:
• Gross margin of 14.2% in Q1’19, which considers reclassification of logistic expenses
related to the distribution of products, from operating expenses to cost of goods sold,
as per IFRS 15
• Adjusted EBITDA margin of 2.5% in Q1’19 negatively impacted by S/3.4 mm of one-
time expenses related to overhead reduction in Peru

1/ Pharmacies refers to the retail pharma unit which operates mainly Inkafarma and Mifarma stores. MDM refers to the Manufacturing,
Distribution and Marketing unit. Segment breakdown considers management figures. 32
2/ Corresponds to holding accounts, consolidation adjustments and intercompany eliminations. 3/ Adj. EBITDA excludes IFRS 16 effect.
Shopping Malls
Million Soles (S/ mm)

S/ mm Q1'19 Q1'18 Var %

Revenues 127 122 4.3%
Gross Profit 84 83 1.2%
Adj. EBITDA 1/ (Pre-IFRS 16) 76 76 -0.1%
Gross Mg 65.8% 67.8% -201 bps
Net Rental Mg 1/ (Pre-IFRS 16) 78.5% 80.7% -222 bps

Revenue growth of 4.3% in Q1’19, with solid tenant SSS growth of 5.3% in
Q1’19

Maintained high occupancy rates in malls of ~95% in Q1’19

Mark-to-market1/ gain of S/3.2 mm in Q1’19 vs S/3.1 mm in Q1’18

Construction of Real Plaza Puruchuco on schedule, with expected opening

in Q4’19

Puruchuco mall construction as of April’19 –

View from Javier Prado Avenue

1/ Adjusted EBITDA excludes mark to market gains from valuation of investment properties and excludes IFRS 16 effect.
2/ Net Rental Margin is calculated as Adj. EBITDA Pre-IFRS 16/Net Rental Income. Net Rental Income is defined as total income 33
minus reimbursable operating costs related to the maintenance and management of Shopping Malls.
 Puruchuco Update

Over 80% occupancy secured, with more than 250 brands

from the best Peruvian and international tenants in fashion,
entertainment and restaurant
More than 2 million visitors expected per month due to its
strategic location in a highly dense urban area among Ate,
Santa Anita and La Molina districts
Almost 80% of construction completed, on schedule to be
opened in Q4’19

GLA by Type of Tenant

Food Court &

Type of Tenant Anchors Other Retail 1/ Services
Restaurants
% GLA 51% 39% 7% 3%
% Secured 100% 66% 56% 64%

Selection of
Secured
Tenants

1/ Others tenants also includes IPAE, Mr. Joy, gyms and small modules.
34
 Consolidated Net Income
Million Soles (S/ mm)

Net Income (Pre-IFRS 16) 1/ Net Income Breakdown (Pre-IFRS 16) 1/

357

286 -1 3 -17
225 -15
66

111
111
96

-21
-21
Net EBITDA Lower Net Lower Higher Higher Higher Net
Q1’18 Q1’19 2017 2018 LTM Q1’19 Income Growth Financial Mark to FX Gain D&A Tax Income
Q1’18 Expenses Market Q1’19
Margin -0.8% 3.4% 3.7% 1.8% 2.8%

Net Income excluding one-time financial expenses, FX and

mark-to-market 2/ (Pre-IFRS 16)

442
415

260
+35.7%

107
79

Q1’18 Q1’19 2017 2018 LTM Q1’19

Margin 2.9% 3.2% 3.3% 3.4% 3.5%

1/ Net Income excludes IFRS 16 effect. 2/ Net Income adjusted for (i) one-time financial expenses related to the acquisition and associated liability management of S/102 mm in Q1’18
and S/73 mm in Q2’18, (ii) FX loss/gain, (iii) mark to market income from the valuation of investment properties and (iv) IFRS 16 effect. 35
 CAPEX and Cash-Flow Breakdown
Million Soles (S/ mm)

Consolidated CAPEX Cash-Flow Breakdown

2018: S/998 mm

1/
335
159
-183 689
-48
14
105
643
243
180
223
196
183

155

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Starting Operating CAPEX Financial Financial Other Non- Ending Cash
Cash Cash Flow Debt and Expenses Operating Balance
Balance Lease Investing Q1’2019
2019 Liability Activities

1/ Q1’18 CAPEX includes ~S/180 mm of the acquisition of Real Plaza Pucallpa and Estación Central, disclosed in previous Earnings Report 2018.
36
 Consolidated Financial Debt
Million Soles (S/ mm)

Consolidated Financial Debt1/ USD Exposure

Net Debt/Adj. EBITDA

Debt/Adj. EBITDA
4.8x

4.0x 4.0x 4.0x

3.6x 4.3x 39% 42% 40%
3.3x 3.3x 49% 48%
3.6x 3.5x 3.5x
3.2x
2.8x 23% 22% 3% 2%
2.5x 23%

48% 50%
38% 35% 38%

2014 2015 2016 2017 LTM 2018 LTM Dec-15 Dec-16 Dec-17 Dec-18 Mar-19
Q1’18 PF Q1’19
Hedge USD PEN
Quicorp
acquisition

Debt 2,446 2,670 2,659 2,704 5,089 5,069 5,187

Cash 285 325 432 599 497 671 700

Net
2,160 2,344 2,227 2,105 4,592 4,398 4,487
Debt

1/ Periods of 2018 consider a normalized Adj. EBITDA, which includes LTM Adj. EBITDA for Quicorp and excludes one-time expenses related to the acquisition of Quicorp. Includes cash equivalents
as cash. Since 2015, ratios are adjusted for currency hedge effect. Adj. EBITDA excludes IFRS 16 effect. 37
 Debt by Segment
Million Soles (S/ mm)

Total Consolidated Debt: S/5,187 mm

Debt / Adj. EBITDA: 4.0x
Net Debt / Adj. EBITDA: 3.5x

3.4x 5.0x 5.8x 5.6x 5.7x

3.2x
3.0x
2.7x 3.1x 3.7x
2.9x 3.5x 5.4x 5.1x 4.9x
4.0x
2.6x 4.5x
2.2x
2.8x 2.6x 3.1x

0.1x

2017 LTM 2018 LTM Q1’19 -0.3x 2017 LTM 2018 LTM Q1’19
Q1’18PF 2017 LTM 2018 LTM Q1’19 Q1’18PF
Q1’18PF

Debt 826 1,022 1,039 1,208 27 2,303 2,235 2,188 1,193 1,764 1,795 1,791

Cash 151 97 137 122 91 220 513 520 278 137 170 248
Net
675 925 902 1,086 -64 2,083 1,722 1,668 915 1,627 1,626 1,544
Debt

1/ Periods of 2018 for InRetail Pharma consider a normalized Adj. EBITDA, which includes LTM Adj. EBITDA for Quicorp and excludes one-time expenses related to the acquisition of Quicorp. Includes
treasury stock and cash equivalents as cash. Ratios are adjusted for currency hedge effect. Adj. EBITDA excludes IFRS 16 effect.
38
 IFRS 16 Bridge – Q1’19 EBITDA
Million Soles (S/ mm)

1/

Accounting Operating Profit 258.1 52.6 133.0 79.2

Excluded rental expenses of assets

-77.1 -29.2 -54.7 -3.0
with right-of-use as per IFRS 16

D&A of PP&E 2/ +68.9 +37.8 +30.0 -2.2

Additional amortization of assets with

+71.6 +26.3 +50.5 +1.9
right-of-use as per IFRS 16
Adj. EBITDA
321.5 87.6 158.9 75.8
(Pre-IFRS 16)

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments
2/ Includes mark-to-market and key money income 39
 IFRS 16 Reconciliation – Q1’19 Net Income
Million Soles (S/ mm)

1/

Accounting Net Income 106.2

Rental expenses of assets with right-of-use as

-77.1
per IFRS 16

Financial expenses from debt of assets with

+22.0
right-of-use as per IFRS 16

Exchange rate income from debt of assets with

-10.3
right-of-use as per IFRS 16

Amortization of assets with right-of-use as per

+71.6
IFRS 16

Deferred income tax 2/ -1.8

Net Income
110.5
(Pre-IFRS 16)

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments
2/ Calculated as the right-of-use asset minus the lease liability, both related to IFRS 16 as of Mar’19, multiplied by the statutory income tax rate of 29.5% 40
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 2018 HIGHLIGHTS

4 Q1’19 FINANCIAL RESULTS

5 CAPEX GUIDANCE 2019-2021

6 APPENDIX
CAPEX Guidance 2019-2021
Projected CAPEX of S/2.1 B for 2019-2021

Food Retail By Segment

Plaza Vea:
 Opening of Plaza Vea Puruchuco in 2019 (+ 6.7k sqm of sales area)
Shopping
 2 to 3 new Plaza Vea stores per year in 2020 and 2021 (avg. of 3.5k 39%
Malls Food
sqm of sales area per store) 48%
Retail
Economax:
 2 to 3 new stores per year in 2019, 2020 and 2021 (avg. of 4.5k sqm
of sales area per store)
Mass: 13%

 150 new stores per year in 2019, 2020 and 2021 (avg. of 150 sqm of Pharma
sales area per store)
By Type of Investment
Pharma Logistics, TI
6%
 70 net additional stores per year in 2019, 2020 and 2021
Maintenance 16%

Shopping Malls
Refurbishing 12%
 Finish construction of Puruchuco mall in 2019 (+125k sqm of GLA) and expansions
67% New stores,
 +10k sqm of GLA expansions per year in 2019, 2020 and 2021 malls
and landbank
 Start new project early 2021

42
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 2018 HIGHLIGHTS

4 Q1’19 FINANCIAL RESULTS

5 CAPEX GUIDANCE 2019-2021

6 APPENDIX
 Composition of Stores by Age
Supermarkets 1/

6% 6% 6% 4% 5% 8% 9% 8% 8% 8% 10%
7% 5% 6% 6% 4% 14% 16%
9% 6% 5% 4% 7%
8% 9% 6% 4% 6% 5% 8%
9% 11% 13% 5% 5% 7% 7%
3% 4%

76% 76% 76% 81% 81% 81% 82% 82% 82% 79% 77% 76% 74%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19
Mature 2-3 years 1-2 years 0-1 years
Pharmacies 2/
3% 2% 1%
12% 10% 12% 6% 7% 4% 6% 6%
16% 16% 17% 14% 12% 10%
12% 14% 11% 13% 11%
12% 11% 10% 10% 11%
10% 8% 9% 11% 10%
14% 13% 12% 11% 10% 10% 9%

76% 79% 82%

66% 69% 71% 74%
62% 65% 66% 64% 64% 65%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Mature 2-3 years 1-2 years 0-1 years

1/ Includes only supermarkets and hypermarkets

2/ Since Q1’18 includes Mifarma stores 44
 Cash Cycle

Food Retail

105 107 107 101

99 99 98 100
93 88 90 91
86
73
61 57 60 61 59 62 58 63 58 62
53 55

1 1 1 3 1 1 3 4 4 4 4 3 3

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

-30 -30 -29 -29 -30 -29 -31

-35 -39 -41 -36
-43 -46

Days Acc Payables Inventory Turnover Days Acc Receivables Cycle

Pharma 1/ 141
125 121 120 119
112 111 116 110 114
105 108 104
90
70 75 76
66
88 95 89
84 83 84 77 72 35
28 27 25 25
3 4 4 4 3 3 3 4

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19
-16 -10 -19 -13
-25 -24 -24 -26 -23 -29 -24 -22
-32

Days Acc Payables Inventory Turnover Days Acc Receivables Cycle

1/ 2018 considers only eleven months of Quicorp’s operations

45
This material was prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities.

This presentation may include forward-looking statements or statements about events or circumstances which have not yet occurred. We have based these forward-looking statements largely on our current beliefs and expectations
about future events and financial trends affecting our businesses and our future financial performance. These forward-looking statements are subject to risk, uncertainties and assumptions, including, among other things, general
economic, political and business conditions, both in Peru and in Latin America as a whole. The words “believes”, “may”, “will”, “estimates”, “continues”, “anticipates”, “intends”, “expects”, and similar words are intended to identify
forward-looking statements. We undertake no obligations to update or revise any forward-looking statements because of new information, future events or other factors.

In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur. Therefore, our actual results could differ substantially from those anticipated in our forward-looking
statements.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of
their own judgment. We and our affiliates, agents, directors, employees and advisors accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material.

This material does not give and should not be treated as giving investment advice. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it
necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any information in this material.

46
For more information contact:

ir@inretail.pe
www.inretail.pe